TruAlt Bioenergy Limited (TRUALT)
₹441.35 +0.72% last close, 16 Oct
Q2 FY27 results
📅 Next results: 23 Oct 2026 (board meeting)TruAlt Bioenergy Limited's board meets on 23 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, TruAlt Bioenergy's revenue was ₹627 Cr (+106.2% year on year, +5.3% on the previous quarter), and net profit ₹59.3 Cr; the operating margin was 21.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹627 | +106.2% | +5.3% |
| Operating profit | ₹133 | +216.1% | +11.8% |
| Net profit | ₹59.3 | — | -2.8% |
| EPS (₹) | 6.67 | +895.5% | -4.6% |
| Operating margin | 21.2% | — | — |
TRUALT delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.7% of the TRUALT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.09%. That is close to its usual level. Volume was 0.3 times its average, well below normal. 1 bulk or block deal was reported in TRUALT in the last 60 days: ₹20 Cr bought, none sold.
Delivery in the last 5 sessions: 39.3% · 53.6% · 43.0% · 74.9% · 46.7%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 23 Sep | Buy | Siddhisuri Finvest Private Limited | ₹19.88 Cr | ₹420.17 | 473,194 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
TruAlt Bioenergy has issued a Postal Ballot Notice seeking shareholder approval via remote e-voting for the appointment of Dr. Sarvamangala Rajendra Patil as a Non-Executive Independent Director for a 1-year term (September 22, 2026 to September 21, 2027). The e-voting window begins on October 14, 2026 and concludes on November 12, 2026, with results scheduled on or before November 14, 2026. The cut-off date to determine voting eligibility was October 9, 2026. The appointee will only draw sitting fees and out-of-pocket reimbursements without fixed remuneration.
- Proposed appointment of Dr. Sarvamangala Rajendra Patil as Non-Executive Independent Director for a 1-year term
- Tenure spans from September 22, 2026 up to September 21, 2027
- Remote e-voting starts October 14, 2026 (09:00 AM IST) and ends November 12, 2026 (05:00 PM IST)
- Voting eligibility set by the cut-off date of October 9, 2026; results to be announced on or before November 14, 2026
Nirani Holdings Private Limited, part of TruAlt Bioenergy's promoter group, acquired 1,96,129 equity shares via open market transactions on September 30, 2026. The purchase was executed at an average price of ₹463.61 per share, amounting to an aggregate value of ₹9.09 crore. Following this transaction, Nirani Holdings' stake increased from 2.25% (19,31,644 shares) to 2.48% (21,27,773 shares). This minor stake increase of 0.23% represents a small open-market buy compared to the company's ₹4,339 crore market capitalization.
- 1,96,129 equity shares bought from open market on September 30, 2026
- Acquisition made at an average price of ₹463.61 per share, totaling ₹9,09,27,365.69
- Shareholding of Nirani Holdings increased from 2.25% (19,31,644 shares) to 2.48% (21,27,773 shares)
- Executed across NSE (1,47,581 shares) and BSE (48,548 shares)
TruAlt Bioenergy Limited has announced the closure of its trading window for designated persons and their immediate relatives effective October 1, 2026. The closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015 for the review of unaudited financial results for the quarter and half year ending September 30, 2026. The window will remain shut until 48 hours following the formal declaration of the results. The date of the upcoming board meeting to approve the results will be notified separately.
- Trading window closes effective Thursday, October 1, 2026
- Window closure pertains to financial results for the period ending September 30, 2026
- Trading remains restricted until 48 hours post declaration of results
Promoter group member Kamala Murugesh Nirani has pledged 3,00,000 equity shares (0.35% of total share capital) of TruAlt Bioenergy Limited with Jio Credit Limited on September 25, 2026. The pledge transaction has a reported value of ₹13.17 crore and secures borrowing availed by promoters Vijaykumar Nirani and Vishal Nirani. The stated purpose of the debt is to finance additional share purchases of TruAlt Bioenergy to increase promoter shareholding. Following this transaction, 100% of Kamala Murugesh Nirani's holding (42,27,590 shares or 4.93% of total equity) is encumbered.
- Pledge created on 3,00,000 equity shares representing 0.35% of total share capital
- Value of pledged shares stated at ₹13.17 crore
- Post-event encumbered holding of the individual reaches 42,27,590 shares (4.93% of total share capital)
- Pledge created with Jio Credit Limited (formerly Jio Finance Limited)
- Debt availed by promoters Vijaykumar Nirani and Vishal Nirani to finance further share acquisitions
Promoter group entity Nirani Holdings Private Limited acquired 1,22,032 equity shares of TruAlt Bioenergy Limited via open market purchases on September 28, 2026. The purchase was executed at an average price of ₹458.05 per share, representing an aggregate investment of ₹5.57 crore. Consequently, Nirani Holdings' stake increased from 2.11% (18,09,612 shares) to 2.25% (19,31,644 shares). Against the company's market cap of ₹4,182 crore, the transaction is relatively minor at approximately 0.13%.
- Acquisition of 1,22,032 equity shares on September 28, 2026
- Total transaction value of ₹5,57,36,895.68 at an average price of ₹458.05 per share
- Nirani Holdings' stake increased from 2.11% (18,09,612 shares) to 2.25% (19,31,644 shares)
- Transaction represents approximately 0.13% of the company's ₹4,182 crore market capitalization
TruAlt Bioenergy announced that promoter group entity Nirani Holdings Private Limited acquired 1,52,201 equity shares from the open market on September 25, 2026. The shares were purchased at an average price of ₹439.32 per share, totaling approximately ₹6.69 crore. Following this acquisition, Nirani Holdings' stake increased from 1.93% (16,57,411 shares) to 2.11% (18,09,612 shares). The total purchase represents roughly 0.17% of the company's current market cap of ₹3,944 crore.
- Acquired 1,52,201 equity shares via open market on September 25, 2026
- Average purchase price of ₹439.32 per share, totaling ₹6,68,64,943.32
- Shareholding increased from 1.93% (16,57,411 shares) to 2.11% (18,09,612 shares)
Promoter group entity Nirani Holdings Private Limited created a pledge on 14,00,000 equity shares (1.63% of total share capital) of TruAlt Bioenergy on September 22, 2026. The pledge transaction value is reported at ₹58.10 crore in favour of Jio Credit Limited. The shares were pledged to secure debt availed by promoters Mr. Vijaykumar Nirani and Mr. Vishal Nirani to fund additional share acquisitions in TruAlt Bioenergy. Following this event, Nirani Holdings has encumbered 16,57,411 shares, representing its entire 1.93% stake.
- Pledge created on 14,00,000 shares representing 1.63% of total equity share capital
- Reported value of pledged shares stands at ₹58.10 crore
- Post-creation encumbered holding for Nirani Holdings is 16,57,411 shares (1.93% of capital)
- Pledge created on September 22, 2026, in favour of Jio Credit Limited to fund promoters' share acquisitions
TruAlt Bioenergy Limited submitted its Board comments addressing notices of non-compliance and penalties issued by NSE and BSE under SEBI LODR Regulations. NSE had levied a penalty of ₹5,36,900 (inclusive of 18% GST) for 91 days of non-compliance with Regulation 17(1) for the quarter ended June 30, 2026, regarding the absence of a Woman Independent Director. BSE also imposed a fine of ₹11,800 (inclusive of 18% GST) for delayed prior intimation of a Board meeting under Regulation 29. The company confirmed that it has paid the fines and appointed Dr. Sarvamangala R. Patil as an Additional Non-Executive Independent Woman Director on September 22, 2026, fully restoring compliance.
- NSE levied a total fine of ₹5,36,900 (base ₹4,55,000 plus 18% GST of ₹81,900) for 91 days of non-compliance with Regulation 17(1)
- BSE imposed a fine of ₹11,800 (base ₹10,000 plus 18% GST of ₹1,800) under Regulation 29 for delayed Board meeting intimation
- Company appointed Dr. Sarvamangala R. Patil as Non-Executive Independent Woman Director on September 22, 2026, rectifying the board composition
- All applicable fines have been paid to the stock exchanges
TruAlt Bioenergy's board has approved aggregate equity investments of Rs 29.69 Cr across two Compressed Biogas (CBG) joint venture subsidiaries to maintain its 51% stake in each. Specifically, Rs 21.42 Cr will be invested in Leafiniti Bioenergy (JV with GAIL) and Rs 8.27 Cr in TruAlt Sumi Gas (JV with Sumitomo Corporation). The total fresh investment represents approximately 1.45% of TruAlt's TTM revenue of Rs 2,051 Cr. Additionally, the board approved the appointment of Dr. Sarvamangala R Patil as an Independent Woman Director for a one-year term subject to postal ballot approval.
- Approved Rs 21,42,00,000 investment in Leafiniti Bioenergy Pvt Ltd (GAIL JV) for 2,14,20,000 shares at Rs 10 each to maintain 51% holding.
- Approved Rs 8,26,82,220 investment in TruAlt Sumi Gas Pvt Ltd (Sumitomo JV) for 24,31,830 shares at Rs 34 per share to maintain 51% holding.
- Target completion timelines are October 10, 2026 for Leafiniti and September 27, 2026 for TruAlt Sumi Gas.
- Appointed Dr. Sarvamangala R Patil as Non-Executive Independent Director for a 1-year term starting September 22, 2026, subject to shareholder vote.
- Leafiniti recorded revenue of Rs 40.43 Cr (Rs 4,043.09 lakhs) in FY26, up from Rs 27.61 Cr in FY25.
Promoter group entity Nirani Holdings Private Limited acquired 50,000 equity shares of TruAlt Bioenergy from the open market on September 17, 2026. The shares were bought at an average price of ₹424.64 each, amounting to an aggregate consideration of ₹2,12,32,000. Following this purchase, Nirani Holdings' stake increased slightly from 1.87% (16,07,411 shares) to 1.93% (16,57,411 shares). Relative to the company's market cap of ₹3,925 Cr, the transaction size is minor at approximately 0.05%.
- Acquisition of 50,000 equity shares via open market on NSE
- Average purchase price of ₹424.64 per share, totaling ₹2,12,32,000
- Nirani Holdings' shareholding increases from 1.87% to 1.93%
- Total shares held post-transaction stands at 16,57,411 equity shares
TruAlt Bioenergy announced a Regulation 7(2) insider trading disclosure regarding an open market share purchase by promoter group entity Nirani Holdings Private Limited. On September 16, 2026, the entity bought 69,575 equity shares at an average price of ₹422.27 per share, amounting to ₹2.94 crore. Consequently, Nirani Holdings' stake increased from 1.79% (15,37,836 shares) to 1.87% (16,07,411 shares). The purchase transaction represents a minor 0.08% addition to its holding relative to the company's ₹3,914 crore market capitalization.
- Promoter group entity Nirani Holdings acquired 69,575 equity shares on September 16, 2026
- Acquisition executed via open market at an average price of ₹422.27 per share
- Total transaction value stood at ₹2,93,79,435.25
- Nirani Holdings' stake expanded from 1.79% to 1.87% (16,07,411 shares total)
Nirani Holdings Private Limited, a promoter group entity, acquired 98,700 equity shares of TruAlt Bioenergy Limited via open market purchases on September 15, 2026. The transaction was executed at an average price of ₹410.85 per share, totaling approximately ₹4.06 crore. Following this acquisition, Nirani Holdings' stake increased from 1.68% (14,39,136 shares) to 1.79% (15,37,836 shares). Relative to TruAlt's market capitalization of ₹3,811 crore, the purchase represents a modest ~0.11% stake.
- Promoter group entity Nirani Holdings acquired 98,700 equity shares via NSE open market on September 15, 2026
- Shares purchased at an average price of ₹410.85 per share, totaling ₹4,05,50,895
- Shareholding of the entity increased from 1.68% (14,39,136 shares) to 1.79% (15,37,836 shares)
TruAlt Bioenergy Limited announced the voting results of its 5th Annual General Meeting held on August 31, 2026. Shareholders approved four out of five resolutions, including the adoption of FY26 financial statements and the re-appointment of Executive Director Mr. Vishal Nirani. However, a special resolution proposing the fixation of commission payable to Mr. Vishal Nirani failed, securing only 61.82% votes in favour against the required 75% special majority threshold, driven by 62.93% dissent from public institutional shareholders.
- Special resolution for commission payable to Executive Director Vishal Nirani rejected (61.82% in favour vs 75% required).
- Public institutions voted 62.93% (4,348,642 votes) against the executive commission resolution.
- Ordinary resolution for re-appointment of Vishal Nirani as director passed with 61.82% overall votes in favour.
- Adoption of FY26 financial statements passed overwhelmingly with 99.999% votes in favour.
TruAlt Bioenergy conducted its 5th Annual General Meeting (its first as a listed entity) on August 31, 2026. Management highlighted operational progress, including converting ~1,300 KLPD (~65% of its 2,000 KLPD capacity) to dual-feed capability, aiming for >85% capacity utilization. The company is constructing three CBG plants of 20 TPD each (60 TPD total) amid a ~22% administered price hike to ₹104/kg, advancing a 100 MLPA Sustainable Aviation Fuel (SAF) project supported by a ₹150 crore PM JI-VAN grant, and operating 7 retail fuel outlets towards a 100-station Phase I target.
- Converted ~1,300 KLPD (~65% of 2,000 KLPD installed capacity) to dual-feed capability, targeting >85% utilization.
- Three CBG plants totaling 60 TPD (20 TPD each) are under construction/nearing commissioning.
- CBG administered price increased by ~22% from ₹85 to ₹104/kg.
- Progressing on 100 MLPA SAF project in Srikakulam, Andhra Pradesh, backed by a ₹150 crore PM JI-VAN Yojana grant.
- Operating 7 fuel retail outlets with an initial Phase I target of 100 stations.
TruAlt Bioenergy Limited has received notices from both NSE and BSE dated August 25, 2026, imposing a fine of Rs 4,55,000 each plus applicable GST (totaling Rs 9.10 lakh plus GST). The fine was levied for alleged non-compliance with Regulation 17(1) of SEBI LODR Regulations regarding board composition, specifically the failure to appoint a woman independent director. The company stated it is examining the notices, taking appropriate steps, and will place the matter before the Board of Directors.
- NSE and BSE imposed a penalty of Rs 4,55,000 each (total Rs 9.10 lakh plus GST)
- Penalty pertains to alleged delayed compliance with Regulation 17(1) regarding appointment of a woman independent director
- Notices received by the company on August 25, 2026
- Financial impact is strictly limited to the fine amount, representing an immaterial fraction of TTM revenue (Rs 2,051 Cr)
Financial Performance
Revenue Growth by Segment
Consolidated revenue for H1 FY26 was INR 418 Cr, a 26% decline from INR 585 Cr in H1 FY25. Ethanol segment revenue declined 28% due to strategic shutdowns. Conversely, the CBG segment grew 65% YoY, with revenue increasing from INR 12.53 Cr to INR 20.71 Cr in H1 FY26.
Geographic Revenue Split
Operations are primarily based in Karnataka and Maharashtra, where seven project locations have been jointly identified for the GAIL JV rollout.
Profitability Margins
Consolidated PAT margin was -7.29% in H1 FY26 compared to -6.52% in H1 FY25. However, the CBG segment achieved a positive PAT margin of 49.85% in Q2 FY26, up from -1.51% in Q2 FY25. Management expects long-term PAT margins to stabilize at 30-35%.
EBITDA Margin
Consolidated EBITDA margin improved despite the revenue drop, driven by the CBG segment which reported a 68.29% EBITDA margin in H1 FY26. Standalone EBITDA margin for Q2 FY26 was -11.29% compared to 4.89% in Q2 FY25.
Capital Expenditure
External term debt exceeded INR 1,500 Cr as of March 2025 to build 2,000 KLPD ethanol capacity. Planned expansion includes 17 additional CBG plants and a Sustainable Aviation Fuel (SAF) plant expected to commission by August/September 2027.
Credit Rating & Borrowing
CRISIL Ratings maintains a 'Stable' outlook. Finance costs increased 13% YoY to INR 38.59 Cr in Q2 FY26. Post-IPO, gearing is expected to improve from 2.5x in FY25 to approximately 1x in FY26.
Operational Drivers
Raw Materials
Key raw materials include Bagasse (used for power generation), Multi-grain (maize and rice), and Sugarcane/Molasses. Switching to bagasse-based power saved INR 11 Cr in fuel costs.
Import Sources
Sourced domestically, primarily from Karnataka and Maharashtra, utilizing decentralized sourcing and feedstock assurance frameworks.
Key Suppliers
Feedstock is secured through the MRN Group ecosystem and decentralized sourcing networks; offtake is primarily through OMCs like GAIL, ONGC, and HPCL.
Capacity Expansion
Current installed capacity is 2,000 KLPD, with 1,300 KLPD recently converted to dual-feed (multi-grain) capability. Planned expansion includes 17 more CBG plants and a 310 KLPD SAF plant.
Raw Material Costs
Raw material costs for Q2 FY26 were INR 92.07 Cr, representing 71% of total income. Procurement strategies focus on multi-feed flexibility to mitigate seasonal grain/molasses price volatility.
Manufacturing Efficiency
CBG plants are operating at 80% capacity utilization. Ethanol uptime is projected to increase by 114% to 136% following the multi-feed conversion.
Logistics & Distribution
Saved INR 7-8 Cr by eliminating coal transportation costs through the adoption of bagasse-based power.
Strategic Growth
Expected Growth Rate
17%
Growth Strategy
Growth will be driven by increasing ethanol production volume from 41 Cr to 48 Cr liters, scaling the CBG vertical with 17 new plants, and entering the Sustainable Aviation Fuel (SAF) market by FY28 using Honeywell UOP technology.
Products & Services
Ethanol, Compressed Bio-Gas (CBG), Extra Neutral Alcohol (ENA), Distillers Dried Grains with Solubles (DDGS), and Bagasse-based Power.
Brand Portfolio
TruAlt Bioenergy, Leafiniti Bioenergy (subsidiary).
New Products/Services
Sustainable Aviation Fuel (SAF) expected to contribute to revenue starting FY28; DDGS integration provides a new high-protein animal feed revenue stream.
Market Expansion
Downstream retail expansion with 13 outlets going operational in Phase 1 of a 100-outlet rollout plan.
Strategic Alliances
Joint Ventures with GAIL and Sumitomo for CBG rollout; technology transfer agreement with Honeywell UOP for SAF production.
External Factors
Industry Trends
The industry is shifting toward green energy and diversified feedstocks. TruAlt is positioned as a leader in the transition from seasonal sugar-based ethanol to year-round multi-grain production.
Competitive Landscape
Part of the MRN Group; competes with other large-scale distilleries but differentiates through CBG and SAF diversification.
Competitive Moat
Moat is built on multi-feed flexibility (1,300 KLPD) and strategic JVs with state-run entities (GAIL), providing feedstock security and guaranteed offtake that competitors lack.
Macro Economic Sensitivity
Highly sensitive to agricultural output and government biofuel mandates (E20 blending targets).
Consumer Behavior
Increasing demand for green energy and ethanol-blended fuels driven by environmental awareness and government mandates.
Geopolitical Risks
Trade barriers on grain exports/imports could affect feedstock pricing and availability.
Regulatory & Governance
Industry Regulations
Subject to government ethanol procurement pricing, pollution control board norms for distilleries, and biofuel blending mandates.
Environmental Compliance
Focus on ESG through CBG production and SAF; multi-feed conversion helps meet government environmental mandates for biofuels.
Risk Analysis
Key Uncertainties
Regulatory risk regarding ethanol pricing (high impact); feedstock price volatility for maize and rice (medium impact).
Geographic Concentration Risk
High concentration in Karnataka and Maharashtra for current and planned project rollouts.
Third Party Dependencies
High dependency on OMCs for ethanol offtake and GAIL/Sumitomo for CBG project execution.
Technology Obsolescence Risk
Mitigated by technology partnership with Honeywell UOP for next-generation SAF production.
Credit & Counterparty Risk
Receivables are primarily from OMCs, indicating high credit quality despite the recent decline in receivable turnover due to shutdowns.
